中国白酒行业市场前景及投资研究报告-培训课件外文版2024.5茅台五粮液丹泉

INDUSTRIES

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MARKETSBaijiuindustryinChinaCHAPTER

01SpiritsmarketoverviewRevenueofthespiritsmarketworldwidein2022,bycountry(inmillionU.S.dollars)Spiritsmarketrevenueworldwide2022,bycountryRevenueinmillionU.S.dollars60,000

80,000

100,000020,00040,000120,000140,000160,000180,000ChinaUnitedStatesJapan156,677.2679,632.3761,312.42India33,140.72UnitedKingdomThailandFrance13,405.512,567.669,493.48Canada9,296.729,251.8PhilippinesGermanyBrazil9,089.888,883.07SpainRussia6,626.795,361.653Description:Comparingthe25selectedregionsregardingtherevenueinthe'Spirits'segmentofthealcoholicdrinksmarket,Chinaisleadingtheranking(156.7billionU.S.dollars)andisfollowedbytheUnitedStateswith79.6billionU.S.dollars.AttheotherendofthespectrumisSwedenwith1.5billionU.S.dollars,indicatingadifferenceof155.2billionU.S.dollarstoChina.ReadmoreNote(s):Worldwide;Jan1sttoDec31st2022Source(s):ConsumerMarketInsightsRevenueofthespiritsmarketinChinafrom2014to2027(inmillionU.S.dollars)RevenueofthespiritsindustryinChina2014-2027200,000180,000160,000140,000120,000100,00080,00060,00040,00020,0000201420152016201720182019202020212022202320242025202620274Description:Therevenueinthe'Spirits'segmentofthealcoholicdrinksmarketinChinawasforecasttocontinuouslyincreasebetween2023and2027byintotal16.7billionU.S.dollars(+10.06percent).Aftertheeigthconsecutiveincreasingyear,theindicatorisestimatedtoreach182.6billionU.S.dollarsandthereforeanewpeakin2027.ReadmoreNote(s):China;2014to2027Source(s):ConsumerMarketInsightsVolumeofthespiritsmarketinChinafrom2014to2027(inmillionlitres)VolumeofspiritsinChina2014-202716,00014,00012,00010,0008,0006,0004,0002,0000201420152016201720182019202020212022202320242025202620275Description:Thevolumeinthe'Spirits'segmentofthealcoholicdrinksmarketinChinawasforecasttocontinuouslydecreasebetween2023and2027byintotal383.9millionlitres.Accordingtothisforecastin2027,theindicatorwillhavedecreasedforthefourthconsecutiveyearto14.8billionlitres.ReadmoreNote(s):China;2014to2027Source(s):ConsumerMarketInsightsChina'smarketshareinglobalspiritsretailsalesin2019and2020China'sshareinglobalspiritsretailsales2019-2020ChinaRestoftheworld120%100%80%60%40%20%0%75%78%25%22%201920206Description:In2020,Chinaaccountedfor25percentoftheglobalspiritsretailsales,increasingfrom22percentinthepreviousyear.Approximately94percentofspiritsretailinChinawereBaijiuthatyear.ReadmoreNote(s):China;2019to2020Source(s):Euromonitor;IWSR;NetEase;RiesBreakdownofsalesvalueofspiritsandliquorsinChinain2020,bytypeofproductDistributionofsalesvalueofspiritsinChina2020,bytypeBrandy4.0%Whisky1%Others0.5%Baijiu94%7Description:BaijiuisthemostpopularspiritamongChineseconsumers.In2020,baijiuaccountedfor94percentofthespiritssalesinChina,whilebrandyandwhiskymadeup4.5percentandonepercentofthemarket.BaijiuisaChinesealcoholicbeveragemadefromgrain.ReadmoreNote(s):China;2020Source(s):Euromonitor;IWSR;NetEase;RiesCHAPTER

02ProductionProductionvolumeofbaijiuinChinafrom2012to2022(inbillionliters)ProductionofbaijiuinChina2012-20221613.58141210813.1312.5712.2711.9811.538.717.867.417.166.716420201220132014201520162017201820192020202120229Description:In2022,Chinaproducedapproximately6.7billionlitersofbaijiu,droppingfrom7.16billionlitersinthepreviousyear.TheproductionvolumeofbaijiuinChinahascontinuouslydecreasedsince2016whenthenumberofmanufacturingenterprisesdeclined.ReadmoreNote(s):China;2012to2022Source(s):CADA;NationalBureauofStatisticsofChina;Website()ProductionofbaijiuinChinafromJuly2021toJuly2023(in1,000kiloliters)BaijiuproductionpermonthinChina2021-20231,4001,2661,2001,00080060040020001,12483877574171562259258557857256956354049841039837837437834733828710Description:InJuly2023,Chinaproducedaround287thousandkilolitersofbaijiu,decreasingby3.7percentcomparedtothesameperiodofthepreviousyear.China'sbaijiuindustrywasnegativelyimpactedbythecoronaviruspandemic.

ReadmoreNote(s):China;July2021toJuly2023Source(s):NationalBureauofStatisticsofChinaNumberofbaijiumanufacturingenterprisesabovedesignatedsizeinChinafrom2015to2022NumberofbaijiumanufacturersinChina2015-20221,8001,5931,5781,5631,6001,4001,2001,0008001,4451,1761,04096596360040020002015201620172018201920202021202211Description:Asofendof2022,Chinarecordedatotalof963baijiumanufacturersabovethedesignatedsize,decreasingfrom965attheendof2021.Thenumberofbaijiumanufacturingcompanieshasdecreasedsince2017,astheindustryconcentrationratioincreased.ReadmoreNote(s):China;2015to2022Source(s):CADA;Varioussources(BeijingBusinessToday);Website()ProductionshareofSichuanprovinceinChina'stotalbaijiuproductionfrom2012to2022ShareofSichuanprovinceinChina'sbaijiuproductionvolume2012-202260%50%40%53.27%51.86%49.6%46.7%41.13%31.1%29.64%28.25%30%20%10%0%27.43%27.84%25.6%2012201320142015201620172018201920202021*2022*12Description:In2022,Sichuanprovinceaccountedforapproximately51.9percentofChina'sbaijiuproduction,decreasingfrom53.3percentinthepreviousyear.SichuanprovincehasbeenChina'sleadingbaijiuproductionregionsince2007.

ReadmoreNote(s):China;2012to2022;*Figureswerecalculatedby

Figuresforearlieryearsweretakenfrompreviousreports.ReadmoreSource(s):BureauofStatisticsofSichuanprovince;NationalBureauofStatisticsofChina;

Website()ProductionvolumeofbaijiuinGuizhouprovince,Chinafrom2014to2022(inmillionliters)ProductionvolumeofbaijiuinGuizhouprovince,China2014-2022600490.15004003002001000452.1450427.9380.5348.1308.7273.9266.220142015201620172018201920202021202213Description:In2022,around450millionliterbaijiuwasproducedinGuizhouprovince,representingacontinuousincreasesince2020.China'sleadingbaijiuproducerKweichowMoutailocatedinGuizhouprovince.ReadmoreNote(s):China;2014to2022Source(s):GuizhouProvinceBureauofStatistics;ThePaperCHAPTER

03RetailandtradeSalesvolumeofbaijiuinChinafrom2015to2019withestimatesfor2020and2021(inbillionliters)SalesvolumeofbaijiuinChina2015-20211413.0612.7911.62121088.557.717.567.036420201520162017201820192020*202115Description:In2021,itisestimatedthataroundsevenbillionlitersofbaijiuweresoldinChina,decreasingfrom7.71billionlitersinthepreviousyear.Therehasbeenadownwardtrendinbaijiusalessince2016,resultingfromadecreaseinproductionandincreasesinprices.ReadmoreNote(s):China;2015to2019;*Estimate.Valueshavebeenrounded.Baijiu,alsoknownasshaojiuorarchaicallyassorghumwine,isaChinesealcoholicbeveragemadefromgrain.Báijiliterallymeans"white(clear)alcohol"orliquor,andisastrong[...]

ReadmoreSource(s):ForwardIntelligence(Qianzhan);NationalBureauofStatisticsofChina;SSalesrevenueofbaijiuinChinafrom2012to2022(inbillionyuan)TurnoverofbaijiumarketinChina2012-2022700662.65612.6603.3583.66005004003002001000565.4561.8555.9536.4525.9501.8446.62012201320142015201620172018201920202021202216Description:China'srevenuesfrombaijiufluctuatedoverthepastyears.In2022,baijiu'ssalesrevenueinChinatotaled662billionyuan,increasingbyaround60billionyuancomparedtothepreviousyear.

ReadmoreNote(s):China;2012to2022Source(s):CADA;NationalBureauofStatisticsofChina;SohuRevenueofChinesebaijiuindustryinChinafrom2017to2021withestimatesuntil2026,bytypeofaroma(inbillionyuan)RevenueofbaijiuindustryinChina2017-2026,byaromaStrongaroma(Nongxiang)Saucearoma(Jiangxiang)Mixedaroma(Jianxiang)Lightaroma(Qingxiang)Others900800700600500400300200100020.480.334.320.279.333.62078.132.819.820.775.331.322.176.73226.776.630.136.573.729.574.330.761.543.671.428.6321.773.930.9288.5256224.6203.3190158.2135.3105.6118.4307.6312.8293.52017286.82019292286.22021290.5295.7301.9274.4201820202022*2023*2024*2025*2026*17Description:In2021,Nongxiangflavorbaijiugeneratedarevenueofaround286billionyuan,accountingformorethanhalfofthesalesrevenueofbaijiuinChina.ThefastestgrowthwasseeninJiangxiangflavorbaijiu,whichhadasalesrevenueof190billionyuanin2021.ReadmoreNote(s):China;2017to2021;*Estimate.

Oneyuanequalstoapproximately0.15U.S.dollarsand0.14euros(asofFebruary2023).

ReadmoreSource(s):Frost&Sullivan;HKExnewsOnlineretailsalesvalueofbaijiuinChinainJuly2023,bye-commerceplatform(inmillionyuan)Onlineretailsalesofbaijiuonleadinge-commerceplatformsinChinaJuly20232,0001,8601,8001,6001,4001,2001,0008007106986004002000JD.comPinduoduoAlibaba18Description:InJuly2023,theonlinesalesvalueofbaijiuonJD.comwasaround1.86billionyuan,indicatingamorethan75percentyear-over-yeargrowth.Thatmonth,JD.comremainedtheleadingonlinesalesplatformforbaijiuinChina,takingupmorethan50percentofthetotalonlinesales.ReadmoreNote(s):China;July2023Source(s):DataYes;E;WanlianSecuritiesChina'sexportvolumeofbaijiufrom2014to2022(inmillionliters)ExportvolumeofbaijiufromChina2014-2022201816141210817.2116.5516.3316.3916.3616.1816.0214.2513.21642020142015201620172018201920202021202219Description:In2022,Chinaexportedaround16.36millionlitersofbaijiu,increasingfromabout16.02millionlitersinthepreviousyear.Thetotalimportvolumethatyearreachedaround2.52millionliters.ReadmoreNote(s):China;2014to2022Source(s):ChinaCustoms;HChina'sexportvalueofbaijiufrom2014to2022(inmillionU.S.dollars)ExportvalueofbaijiufromChina2014-20228007167006005004003002001000665.16656.65564.83467.89470.39459.91449.29327.4420142015201620172018201920202021202220Description:In2022,Chinaexportedaround16.4millionlitersofbaijiu,withanexportvalueofabout716millionU.S.dollars.Recoveringfromtheoutbreakofcoronaviruspandemicthatyear,boththeexportvalueandvolumeofbaijiufromChinasawincreasesthatyear.ReadmoreNote(s):2014to2022Source(s):ChinaCustoms;CHAPTER

04MarketleadersMarketshareoffivelargestbaijiuproducersinChinafrom2019to1sthalfof2022MarketconcentrationratioofbaijiuindustryinChina2019-202245%40%41.9%40%34.9%35%30%25%20%15%10%5%33.2%0%201920202021H1202222Description:TheconcentrationratioofChina'sbaijiuindustryhasincreasedsteadilyinthepastyears.Inthefirsthalfof2022,thefivelargestbaijiumanufacturerscontributedtoaround42percentofthemarket,growingfrom40percentin2021.KweichowMoutaiandWuliangyearethetwoleadingChinesebaijiuproducers.ReadmoreNote(s):China;2019toH12022Source(s):H;SohuDistributionofbaijiumarketinChinain1sthalfof2022,bymanufacturingenterpriseBreakdownofbaijiumarketinChinaH12022,bycompanyKweichowMoutai16.8%Wuliangye11.9%Others52.3%Yanghe5.4%ShanxiFenjiu4.4%LuzhouLaojiao3.4%GujingGong2.6%King'sLuck1.3%Shunxin1.9%23Description:KweichowMoutaiwasChina'slargestbaijiumanufacturerasofthefirsthalfof2022,followedbyWuliangyeandYanghe.BaijiuisthemostprominentspiritinChina,withover40percentofthemarketcontrolledbythefivelargestplayers.ReadmoreNote(s):China;H12022Source(s):H;SohuRevenueofleadinglistedbaijiumanufacturingenterprisesinChina2022,bycompany(inbillionyuan)RevenueofmajorlistedbaijiucompaniesinChina2022,bycompanyRevenueinbillionyuan40

6002080100120140KweichowMoutaiWuliangyeYibin124.174JiangsuYangheBreweryShanxiXinghuacunFenWineFactoryLuzhouLaojiao30.126.225.1AnhuiGujingDistilleryCompanyLimitedBeijingShunxin16.711.7JiangsuKing'sLuck7.96.15.5TuopaiYeastLiquorAnhuiYingjiaDistillery24Description:In2022,therewere19listedbaijiumanufacturingcompaniesinChina.KweichowMoutai,oneofthemostfamousbaijiumanufacturer,recordedarevenueofabout124.1billionyuaninthatyear.ReadmoreNote(s):China;2022Source(s):BOCInternational;E;ShanghaiWindInformationCo.,Ltd.RevenueofKweichowMoutaiCo.,Ltd.from2012to2022(inbillionyuan)RevenueofKweichowMoutai2012-2022140124.1120106.1910080604020094.9285.4373.6458.2238.86201632.66201530.92201331.57201426.46201220172018201920202021202225/statistics/284798/operating-income-of-kweichow-moutaiIn2022,KweichowMoutaigeneratedarevenueofabout124billionyuan,anincreasefromapproximately106billionyuaninthepreviousyear.KweichowMoutaiisChina'slargestbaijiuproducerandhadmorethan31,000employeesthatyear.

ReadmoreNote(s):China;2012to2022Source(s):KweichowMoutai;SRevenueofChinesespiritdistilleryWuliangyeYibinfrom2012to2022(inbillionyuan)RevenueofChinesespiritdistilleryWuliangyeYibin2012-2022807060504073.9766.2157.3250.1240.0330.19201727.2302010024.72201324.54201621.66201521.01201420122018201920202021202226Description:ThistimelineshowstherevenueofWuliangyeYibinfrom2012to2022.In2022,theChinesespiritdistilleryhadgeneratedarevenueofnearly74billionyuan.ReadmoreNote(s):China;2012to2022Source(s):Website(10);WuliangyeYibinOperatingrevenueofChineseliquormanufacturerLuzhouLaojiaoCompanyLimitedfrom2016to2022(inbillionyuan)OperatingrevenueofLuzhouLaojiaoCo.,Ltd.inChina2016-2022302525.1220.642016.6515.821510513.0610.3920178.63020162018201920202021202227Description:In2022,thetotaloperatingrevenueofLuzhouLaojiaoCompanyLimitedamountedtoapproximately25.12billionyuan.LuzhouLaojiaoisawellknownliquormanufacturerinChina.ReadmoreNote(s):China;2016to2022Source(s):Sohu;Varioussources(LuzhouLaojiao)CHAPTER

05ConsumptionDistributionofbaijiuconsumersinChinaasofJuly2022,bygenderBreakdownofbaijiudrinkersinChina2022,bygenderFemale19.3%Male80.7%29Description:China'sbaijiuconsumersareoverwhelminglymale,accordingtoasurveyconductedinJuly2022.Onlyabout20percentofallbaijiudrinkersarefemale,andmostconsumeitatbusinessbanquets.

ReadmoreNote(s):China;July2022;2,000respondentsSource(s):iResearchDistributionofbaijiuconsumersinChinain2023,byagegroupBreakdownofbaijiudrinkersinChina2023,bygenerationShareofrespondents0%5%10%15%20%25%30%35%40%Bornbefore1975Bornbetween1975and1984Bornbetween1985and1994Bornafter199525%23%34%18%30Description:Accordingtoa2023survey,around34percentofbaijiudrinkersinChinawerebornbetween1985and1994.Youngeradultswhowerebornafter1995accountedforabout18percentoftotalbaijiu-drinkingpopulationinChina.

ReadmoreNote(s):China;2023;approx.1,500;18yearsandolderSource(s):CADA;Tencent;Website()Leadingtypesofbaijiudrunkbyconsumersinthepastyearasof2023,bytypeofaromaLeadingtypesofbaijiuconsumedbyChinesein2023,byaromaShareofrespondents30%0%10%20%40%50%60%59%70%67%67%80%Nongxiang(strongaroma)Jiangxiang(saucearoma)Qingxiang(lightaroma)Laobaiganaroma21%20%18%Mixiang(ricearoma)MixedaromaTexiang(specialaroma)Fengxiang(phoenixaroma)Sesamearoma15%13%10%9%Fuyuxiang31Description:Accordingtoa2023survey,nongxiang(strongaroma)andjiangxiang(saucearoma)baijiuremainedthemostpopulartypesofbaijiuamongChineseconsumers.BaijiuisacleardistilledspiritoriginatinginChinaandoneofthemostpopularalcoholicdrinksamongtheChinese.ReadmoreNote(s):China;2023;approx.1,500Source(s):CADA;Tencent;Website()ShareofconsumerswhopurchasingbaijiuonlineandofflineinChinain2023,byagegroupShareofconsumersboughtbaijiuonlineandofflineinChina2023,bygenerationShareofrespondentsOffline

Online40%0%10%20%30%50%60%70%80%90%100%63%Bornbefore1975Bornbetween1975and1984Bornbetween1985and1994Bornafter199573%49%85%44%86%37%88%48%Overall83%32Description:Accordingtoa2023survey,onlinechannelsovertookbrick-and-mortarstoresasthemostprominentchannelforbuyingbaijiu.Approximately88percentofyoungadultsbornafter1995saidtheyboughtbaijiuonline,whileonly37percentboughtitinastore.ReadmoreNote(s):China;2023;approx.1,500;18yearsandolderSource(s):CADA;Tencent;Website()LeadingchannelsforbuyingbaijiuamongconsumersinChinaasofMarch2022MostcommonplacestobuybaijiuinChina2022Shareofrespondents15%

20%0%5%10%25%30%35%40%45%50%Supermarkets/HypermarketsHorizontale-commerceplatform